Crypto Market Recovers as Bitcoin’s Price Surges

After witnessing a downfall in the last few months, Bitcoin is once again on the rise. Today marks the third consecutive day that showed Bitcoin price movement improving. In the same period, Bitcoin has improved by 4.11% and added a weight of $1,705 to the price list. At press time, Bitcoin is valued at $34,411 with a 6.74% appreciation in the last 24 hours.

Last month Bitcoin managed to pull out of a $29K support level trench. The recent recovery and rehabilitation of the Bitcoin price movement seem to have been put into effect by Tesla CEO Elon Musk. Last Wednesday, the SpaceX CEO announced that the space technology company is investing in Bitcoin. Since Wednesday, Bitcoin has managed to gain 45.87%.

Willy Woo is an on-chain crypto analyst who claimed that Bitcoin is on the verge of breaking out of a crucial RSI or Relative Strength Index level. Woo explained that only 9 hours away from the daily close, the RSI breakout could fix Bitcoin for another bull run over the weekend. It should be noted that for Bitcoin to make the jump, it is important that it holds out on the current price mark.

The Chinese crypto analyst took to Twitter to share several graphs and predictions for the flagship cryptocurrency recently. Woo interjected that the supply-shock for on-chain fundamentals is getting stronger. He also called it a short squeeze setting. At present, the overall market cap of the beacon coin is valued above $23.44 billion.

Most of the Bitcoin Mining Firms are now Powered by Green Energy

The Bitcoin Mining Council recently published a report that claims that most of the Bitcoin network is now dependent on renewable and sustainable power supply sources. Crypto exchange enterprise CoinCorner also affirms the same. A new survey by CoinCorner reveals that most Bitcoin miners are now switching to the safest and cheapest energy generation for powering their mining firms.

After China has put a stop to the Bitcoin mining ban under their jurisdiction, most miners have no option but to move into foreign territories. On the other hand, the increasing regulatory pressure on cryptocurrencies entices the miners to switch to green energy projects to power their projects actively.

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